Just went down the rabbit hole of Pakistan's currency history and man, the dollar story there is wild. From 1947 when the country was born, 1 USD was just 3.31 PKR. Like, that rate stayed basically frozen for almost a decade. Imagine that stability.



But then things started shifting. By the mid-50s it crept up to 3.91, then 4.76 by 1956 and held there for years. You could almost see the cracks forming in the system. The real acceleration kicked in during the 70s onwards though. By 1980, we're already at 9.99 PKR per dollar.

Here's where it gets interesting - the 90s saw this steady grind upward. Each year the dollar kept gaining ground. 1990s was like 20-30 PKR range, then 2000s hit and suddenly we're talking 50-60 PKR. The rate in year 1947 in Pakistan might feel like ancient history, but it really shows the magnitude of what happened.

The 2010s accelerated things further. 2013 hit 107 PKR, 2018 jumped to 139, and then 2019-2020 was rough at 163-168. But 2022-2023? That's when it really went sideways. 240 PKR in 2022, 286 in 2023. The dollar rate kept climbing as the rupee struggled harder.

Now in 2024 we're sitting around 277 PKR per dollar. That's an 83x increase from independence. Wild to see the currency erosion play out over eight decades like this.
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pin